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| Sunday, 11 January 2004 |
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| News Business Features Editorial
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Five Ms An efficient entrepreneur should have the following factors, known as Five Ms, ready: 1. Machinery Three more factors have been recognised recently. They are: 6. Information I need not specifically explain the importance and functions of the above. However, I wish to state that method plays a major role and if you possess the proper method, all other factors will reach you without much difficulty. In fact, method only ensures the efficient usage of the other factors. Example, Utilisation of human resources will get wasted if no proper method is used. Similarly, money would be spent ineffectively in the business without a proper method of spending. Strictly speaking, proper method is the governing factor of all five. They should be implemented by: * Drafting Methods should be of a standard nature and modified according to the circumstances. The Japanese pay more attention towards method. Any theory, which comes to the market, is bought over by Japanese entrepreneurs promptly, who wish to implement them at the earliest possible date. The Japanese believe that there are three theories in the world: a. Capitalism Recognising the effects of globalisation, even Communist China has opened its doors for foreign capital. Sri Lanka is also adopting this policy. Several countries, despite having good resources, have met with economic disaster due to the wrong policies adopted by them. A good policy or method ensures proper utilisation of everything. It should be remembered that Germany, which collapsed after the First World War, became a powerful nation economically and militarily due to the methods adopted by Adolph Hitler. Subsequently, the same Germany was ruined due to the methods applied by Hitler himself. I hope entrepreneurs clearly recognise the importance of the five Ms, especially effectiveness of method. |
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